The New Jersey Economic Development Authority Board has approved $12.55 million to establish two Strategic Innovation Centers to advance medical technology and maternal health entrepreneurship across the state.
The funding, approved earlier this month, will support the New Jersey Accelerator for Innovation in Medtech in Camden and Mullica Hill, and the New Baby New Jersey center in Trenton.
Both facilities will provide startup companies with mentorship, workshops, business development services and investment opportunities.
“The NJEDA’s latest investments into NJ AIM and the New Baby New Jersey SIC further establish the state’s leadership in the medtech and maternal health sectors, advancing scientific breakthroughs, creating jobs, and bolstering the regional economy,” said NJEDA Acting Chief Executive Officer Mary Maples.
Each center will accelerate two groups annually, with at least 20 startup companies per group.
Twenty percent of participants must be New Jersey-based companies, while the remainder will come from out of state with incentives to relocate.
The funding includes $5.5 million for direct investments in participating companies, $2.25 million for accelerator programs matched by Rowan University, $1.5 million for a venture studio operated by NLC Ventures and $3 million for an early-phase maternal and infant health initiative in Trenton.
NJ AIM will occupy 8,500 square feet across two Camden locations — the Joint Health Sciences Center and Cooper Medical School of Rowan University.
It will also have space at Rowan’s West Campus in Mullica Hill.
Cooper University Health Care will serve as the anchor commercial partner, officials said.
“Through this venture studio, we will work hands-on with founders to translate breakthrough science into scalable companies, while embedding them in a world-class ecosystem of clinical partners, universities, and investors,” said NLC Ventures USA Director Jaap Haemers.
The New Baby New Jersey SIC will use 5,000 square feet in the Maternal and Infant Health Innovation Center, focusing on maternal care equity, digital health, doula support, perinatal mental health and access to public benefits.
“NJEDA’s investments to scale maternal health companies and support entrepreneurs is critical — not only to uplift NJ’s mothers and babies, but also strengthening the infrastructures that deliver on the highest level of care,” said Lisa Asare, CEO of the New Jersey Maternal and Infant Health Innovation Authority.
Plug and Play, which operates more than 100 accelerator programs globally, will manage both centers.
NJEDA has invested in 12 Strategic Innovation Centers statewide, spanning industries including artificial intelligence, fintech, aerospace, life sciences and biotech.